Curtiss-Wright Announces CEO Succession Plan
December 03 2020 - 7:30AM
Business Wire
Lynn M. Bamford to Become Chief Executive
Officer and Member of the Board
David C. Adams to Retire as CEO and Continue
as Executive Chairman Through May 2022 Annual Meeting
Curtiss-Wright Corporation (NYSE:CW) today announced a Chief
Executive Officer succession plan in which Lynn M. Bamford, currently
President of the Defense and
Power Segments, will be named President and Chief Executive
Officer and a member of the Board of Directors, following David C.
Adams’ planned retirement as CEO on January 1, 2021. To ensure a smooth
transition, Mr. Adams, 67, will continue as Executive Chairman of
the Board through May 2022, at which time Ms. Bamford will assume
the dual role of Chairman and Chief Executive Officer.
“It has been a distinct privilege to be associated with
Curtiss-Wright’s long legacy for more than 20 years, including the
past seven years as Chairman and CEO,” said Adams. “I am proud of
the team’s relentless dedication and hard work to build a strong,
diversified industrial company that has grown to be a successful
$2.5 billion global corporation. Throughout this journey, we
executed with tremendous focus and drive to create significant
stakeholder value and achieve top-quartile financial metrics,
including operating margin expansion and free cash flow
generation.”
Adams continued, “Lynn’s promotion to CEO is incredibly
well-deserved. Her long-standing track record of respected
leadership and success in building a strong defense electronics
portfolio, and most recently leading the Defense and Power
Segments, will support a seamless transition. The Board and I have
the utmost confidence that Lynn’s experience in executing our
strategic growth initiatives, driving significant financial
performance and integrating numerous defense acquisitions, makes
her the ideal choice to lead the Company into the future. I look
forward to continuing to work closely with Lynn during this pivotal
and exciting time for Curtiss-Wright.”
Bamford said, “I am deeply honored by this tremendous
opportunity to lead such an iconic company. I look forward to
continuing to work closely with our experienced leadership team and
Board, as well as the incredibly talented members of the
Curtiss-Wright team, to advance the One Curtiss-Wright vision and
build upon our strong track record of growth and profitability. I
am highly confident about our Company's future and our ability to
drive long-term value for our shareholders, customers and
employees.”
Lead Director Albert E. Smith commented, “On behalf of the Board
of Directors, I would like to thank Dave for his exemplary
leadership during the past seven years. During his successful
tenure as CEO, the Company has grown under his One Curtiss-Wright
vision and achieved top quartile financial performance compared
with our peer group, most notably driving significant operating
margin expansion and steady free cash flow generation. In addition,
Dave led the deployment of a balanced capital allocation strategy,
which included returning $1.2 billion in steady returns to
shareholders in the form of share repurchases and dividends, and
driving an additional $1.2 billion in strategic acquisitions to
bolster the Company’s growth and profitability. We look forward to
working closely with Lynn as she executes the Company’s profitable
growth strategy and achieves further success for
Curtiss-Wright.”
Bamford, 57, has more than 30 years of operational experience
across the defense, aerospace and commercial industries. In her
current role, she has maintained overall responsibility for the
Defense and Power Segments' strategic goals, technology
development, global operations and financial performance. She was
previously Senior Vice President
and General Manager of the Defense Solutions division from 2013
through 2019. During her tenure at Curtiss-Wright, she
successfully led the Company through nine acquisitions to enhance
the global product portfolio.
Bamford joined
Curtiss-Wright in 2004 with its acquisition of Dy4, a leading
provider of Commercial Off-The-Shelf (COTS) embedded computing
solutions, where she held several engineering and leadership
positions. Shortly after the acquisition, Bamford assumed the
position of Vice
President, Product Development and Marketing for
Curtiss-Wright’s former Controls segment, and ascended to
Vice President and General
Manager of the Company’s Embedded Computing business, before
being named to lead the Defense Solutions division in 2013.
Bamford holds a Bachelor of Science Degree in Electrical
Engineering from Penn State University and a Master of Science
Degree in Electrical Engineering from George Mason University.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global innovative
company that delivers highly engineered, critical function products
and services to the commercial, industrial, defense and energy
markets. Building on the heritage of Glenn Curtiss and the Wright
brothers, Curtiss-Wright has a long tradition of providing reliable
solutions through trusted customer relationships. The company
employs approximately 8,300 people worldwide. For more information,
visit www.curtisswright.com.
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Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
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